Fitness apps had seen tremendous growth as early as the 2010s, but during the pandemic, the number of users and the revenue they generated reached new heights as millions relied on these apps for their health and fitness needs. Interestingly, forecasts suggest that this could be a trend for a while longer.
According to data from Tradingplatforms.com, fitness app sales will grow by a massive 34.4% in 2021 – to a total of $ 13.54 billion!
While the growth of these platforms in and of itself is unsurprising, as more people are choosing healthier lifestyles than ever before, the magnitude it will reach over five years is explosive. Fitness apps have been predicted to only attract more users in the years to come, which could lead them to grow at an average annual growth rate (CAGR) of 20.36%. By 2025, sales could be closer to $ 28.42 billion.
Obviously, companies have taken this opportunity to offer a service that has been in such high demand lately – think Peloton or Centr by Chris Hemsworth.
“The fitness industry as a whole has grown steadily over the past few decades and fitness apps are one of the fastest growing segments. The 2020 pandemic has only accelerated the growth of the fitness app segment and will serve as an excellent foundation for the projected CAGR of 20%. ”- Rex Pascual, Editor at TradingPlatforms.com
Incredibly, the statistics point to an upward trend that would see 600 million fitness app users by the end of the year. About 61.5% of these users will be users of free services, while the remaining 38.5% will be users of paid services.
Are you using fitness apps this year? If yes, which? Let us know in the comments.
(Photo credit: Coachmag)